I would have thought that the Bernanke testimony yesterday would be modestly USD-bearish and risk-positive, which would sound like a good reason to buy AUD/USD, but the market has gone on the opposite direction. Australian business conditions data wasn’t all that flash and Chinese house price data also gave the AUD bears some fresh ammunition.

USD/JPY has dragged EUR/JPY back towards the technical resistance levels and my stops above 131.50 are looking endangered.